MONTRÉAL, April 15, 2014 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") announces that on April 15, 2014 it has secured with the Laurentian Bank of Canada an acquisition line of credit of $15M and an operation line of credit of $2M. Compared to the acquisition line of credit previously in place, the interest rate of this new acquisition line of credit is 200 basis points less and will therefore enable BTB to save on its financial costs when using the acquisition line.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. BTB owns 69 commercial, office and industrial properties for a total rentable area of approximately 4.6 million square feet. BTB's asset value is in excess of $545M. The objectives of BTB are: i) to grow its revenues from its assets to increase distributable income and therefore fund distributions; (ii) to maximize the value of its assets through dynamic management of its properties in order to sustain the long-term value of its units; and (iii) to generate cash distributions that are fiscally beneficial to unitholders.
BTB offers a distribution reinvestment plan to unitholders whereby the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB's Units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by 5%.
SOURCE: BTB Real Estate Investment Trust
For further information: Mr. Michel Léonard, President and Chief Executive Officer, 514-286-0188 ext. 228